Compiled by Glen Hallick, MarketsFarm
WINNIPEG, Dec. 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.
- Ahead of the Bank of Canada’s announcement on its key interest rate at 9 am CST Wednesday, analysts said it’s most likely the central bank will keep it unchanged, according to Bloomberg News. The announcement is set to mark the third consecutive freeze since the BoC increased its rate from 4.75 per cent in July. With the Canadian economy slowing down and teetering on a recession, the analysts also predicted the BoC will cut its rate sometime during the second quarter of 2024.
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- Ukrainian President Volodymyr Zelenskyy cancelled his video conference with United States lawmakers on Tuesday at the last minute. The sudden no-show came after Zelenskyy’s chief of staff said there was a “big risk” of a Russian victory in the war without continued U.S. support, according to reports. In October, the House of Representatives voted down a US$106 billion aid package for Ukraine, Israel and Taiwan that had been approved by the Senate.
- Heavy fighting in the Gaza Strip continued on Wednesday as Israeli Defense Forces closed in on three large refugee camps. Reports said hundreds of thousands of people are held up the Khan Younis, Jabalia and Shuja’iya camps. The United Nations warned that 600,000 people in southern Gaza alone were ordered to evacuate but the UN stressed they have nowhere to go to be relatively safe.
- Payroll firm ADP said on Wednesday that private sector job creation in the U.S. increased in November by about 103,000 workers, well short of the 128,000 projected by Dow Jones. This came after approximately 106,000 private sector jobs were created in October. ADP also reported annual pay was up 5.6 per cent for the smallest increase since September 2021. The U.S. Department of labor is set to issue its jobs report on Friday.
